The India International Financial Services Centres Authority (IFSCA) issued an order cancelling the approval and authorisation granted to Prowess Insurance Brokers Pvt. Ltd. to operate a branch office in GIFT IFSC as an IFSC Insurance Intermediary Office. The cancellation follows non-compliance with IFSCA directions and with the IFSCA (Insurance Intermediaries) Regulations, 2021. IFSCA cited its powers under Sections 12 and 13 of the IFSCA Act, 2019 and Regulation 30 of the 2021 Regulations read with Section 33(6)(b) of the Insurance Act, 1938.
India International Financial Services Centres Authority 2025-02-13
India International Financial Services Centres Authority cancels Prowess Insurance Brokers authorisation to operate an insurance intermediary office in GIFT IFSC
The India International Financial Services Centres Authority (IFSCA) has revoked the approval for Prowess Insurance Brokers Pvt. Ltd. to operate in GIFT IFSC due to non-compliance with IFSCA directions and the IFSCA (Insurance Intermediaries) Regulations, 2021. The decision was made under Sections 12 and 13 of the IFSCA Act, 2019, and Regulation 30 of the 2021 Regulations, in conjunction with Section 33(6)(b) of the Insurance Act, 1938.